Buying Vs. Renting, Which is Better?

It’s an age-old debate. Buying vs. renting, which is better? The truth sways depending on who you ask. You see, the answer is determined by a number of key factors, and it’s based on your unique situation. Fortunately, we’re here to stop all of the confusion. We created this simple article and it’s chocked-full of the biggest pros and cons. So, if you want some rock-solid guidance about the differences, look no further. All the details are below.

Stability vs. flexibility

Buying a home has fewer surprises than renting. By purchasing your home, you have the option to stay there the remainder of your life. When you rent, there is less stability. While some consider this a con, others like the option of being able to move around. When debating about buying vs. renting, you have to ask yourself, how long do you want to stay?

Home improvement costs

Depending on your renter’s agreement, you may have zero home improvement costs. On the other hand, when you buy a home, you accept the responsibility of maintaining it.

Building equity

Many argue that owning a home is a way to build life-long equity. When you rent, you do not get that opportunity. While this is true in most cases, you also have to look at the hidden costs. Was the market high or low when you purchased your home? Does it have a good APR? All of these considerations take place when thinking about if one should purchase a home. If your credit needs help, chances are it will take longer to build equity since your interest rates will be higher. Sometimes it’s better to wait a few years and take advantage when the rates are more in your favor.

Buying vs. renting is a big decision, and it should not be answered lightly. Whichever method you decide, know that Achieva is there to help. With an option to bank at over five thousand shared locations, nationwide, your home, whether buying or renting, will never be too far away.

Archives

Achieva Life blogs and articles are intended to provide general information, thoughts, and articles in regards to the topics covered therein. Achieva Life is provided with the intent and understanding that Achieva Credit Union is not engaged in the act of rendering financial, consulting, medical, technological, legal, accounting or any other professional advice. The information provided within Achieva Life is not intended nor should be used as a substitute for medical, legal, or other professional advice or other expert opinions. Achieva Credit Union is not responsible for the accuracy of the information on Achieva Life and makes no representation regarding the accuracy of the content. Achieva Credit Union reserves the right to delete or block any comments. The content and comments on Achieva Life do not necessarily reflect the views of Achieva Credit Union.